S. Korea sets anti-dumping duties on imported stainless steel bars
SEOUL, Sept. 20 (Yonhap) -- South Korea's trade commission said Thursday it has set preliminary anti-dumping duties on stainless steel bars from Taiwan and Italy, claiming the cheap imports have seriously damaged domestic industry.
The Korea Trade Commission under the trade ministry said it will recommend the finance ministry impose 9.68-18.56 percent tariffs on the stainless steel bars imported from the two nations.
The commission set 9.68-18.56 percent duties for Taiwanese products and 11.02-13.08 percent tariffs on Italian goods.
Stainless steel bar products are used to make auto parts, machine tools, airplanes, medical equipment and chemical plants.
The domestic market was estimated at 370 billion won (US$330 million) as of 2017, with products from Taiwan and Italy accounting for 16.5 percent of the total, according to the ministry.
Shin Hi-taek, the chairman of the Korea Trade Commission, speaks during an international trade remedy forum held in Seoul on July 3, 2018. (Yonhap)
ejkim@yna.co.kr
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